UBA Partners with UNDP to Empower Youth and Women-led MSMEs in Ghana and Promote Climate Financing
United Bank for Africa (UBA) Plc has entered into a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) to provide support to youth and women-led Micro, Small, and Medium Scale Enterprises (MSMEs) in Ghana. The collaboration aims to help these businesses scale up and thrive while also contributing to climate action initiatives.
The partnership’s primary objective is to assist UBA Ghana in accessing climate financing schemes, enabling increased financial inflow from climate funding channels. This financial support will aid Ghana’s endeavors to translate its climate commitments into actionable initiatives.
Through the collaboration, participating businesses will receive tailored programs of business services and capacity development. These services encompass various areas such as corporate governance, branding, marketing, financial assistance, and product design/development. Additionally, the initiative will help businesses access markets more effectively and support energy efficiency audits, helping them minimize their carbon footprint.
Highlighting the importance of MSMEs to the nation’s economy, Chris Ofikulu, Managing Director of UBA Ghana, emphasized their role in job creation, innovation, economic growth, and poverty reduction. He acknowledged the challenges these enterprises face, including limited access to finance and technical know-how, hindering their potential for expansion. The partnership with UNDP aims to address these challenges by providing targeted financial support and capacity-building initiatives.
Mr. Ofikulu also highlighted UBA Ghana’s commitment to the Sustainable Development Goals (SDGs) and promoting inter and intra-African trade through collaboration with UNDP.
Dr. Angela Lusigi, the UNDP Resident Representative in Ghana, expressed the organization’s dedication to encouraging businesses of all sizes to incorporate the SDGs and climate action into their decision-making and practices. The MoU will facilitate inclusive, resilient, and green entrepreneurship by leveraging both UNDP’s experience in working with MSMEs and UBA Ghana’s expertise in business support.
The collaboration aligns with UNDP’s goal of promoting sustainable development, strengthening the capacities of MSMEs, and enhancing access to innovative financing for climate action.